Myths of Credit Repair pt. 2
For myth #1, we spoke about paying off a past due account and what could potentially happen to your credit score. For myth #2, we'll discuss what can happen if a negative item is deleted.
Myth #2: If a negative item is successfully deleted from my credit report, it will just come right back.
False, like ALL our other myths. The credit bureaus have spread this misinformation through the news media and government agencies. In truth, the credit bureaus will often temporarily delete a negative listing if they have not heard from the credit grantor for 30 days since an item was disputed.
Should the grantor submit verification a week or two later, it can be re-inserted. This is known as a soft delete. Most of the time, the grantor does not respond and the negative item is permanently deleted. If the creditor verifies the item, the account can still be deleted using the laws regulating the verification process.
Next time, we'll talk about items that are allegedly impossible to remove from a credit report.
Scott
Scott Swinford is an Executive Consultant for the US Consumer Credit Restoration Association and a Certified Mortgage Planning Specialist in Northwest Indiana. If you have any questions, you can send email to scott@USCCRAonline.com.
Myth #2: If a negative item is successfully deleted from my credit report, it will just come right back.
False, like ALL our other myths. The credit bureaus have spread this misinformation through the news media and government agencies. In truth, the credit bureaus will often temporarily delete a negative listing if they have not heard from the credit grantor for 30 days since an item was disputed.
Should the grantor submit verification a week or two later, it can be re-inserted. This is known as a soft delete. Most of the time, the grantor does not respond and the negative item is permanently deleted. If the creditor verifies the item, the account can still be deleted using the laws regulating the verification process.
Next time, we'll talk about items that are allegedly impossible to remove from a credit report.
Scott
Scott Swinford is an Executive Consultant for the US Consumer Credit Restoration Association and a Certified Mortgage Planning Specialist in Northwest Indiana. If you have any questions, you can send email to scott@USCCRAonline.com.
posted by Scott Swinford at
9:04 PM
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